Unauthorised Firm Details

Name: Tower Trade
Website: tower-trade.com

Tower Trade Review – Unregulated Broker with Serious Red Flags

Tower Trade is a forex and CFD broker that presents itself as a global trading platform offering access to various financial instruments, including forex, stocks, and cryptocurrencies. The platform claims to provide competitive spreads, high leverage, and a user-friendly interface. However, upon closer inspection, several concerning issues emerge that potential clients should be aware of.

Key Concerns

• Regulatory Oversight: Tower Trade claims to operate under the oversight of FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada. However, FINTRAC is not a financial regulator and does not oversee forex brokers. The firm also lacks a license from IIROC (Investment Industry Regulatory Organization of Canada), raising significant concerns about the safety of client funds and the legitimacy of the platform.

• Platform Limitations: The broker offers a proprietary web-based trading platform that lacks many advanced features found in industry-standard platforms like MetaTrader 4/5. Users have reported issues with the registration process, including errors during account creation, and the platform does not support automated trading or copy trading.

• Transparency Issues: The website provides minimal details about the company’s operations, ownership, or team members. This lack of transparency is a common red flag associated with high-risk brokers.

• User Reports: Mixed feedback from users, with some praising the platform’s ease of use and customer support, while others have reported difficulties in withdrawing funds and receiving timely responses to their inquiries.

Bottom Line: Given the unregulated status, platform limitations, and limited transparency, Tower Trade poses significant risks to potential investors. It is advisable to exercise caution and consider alternative, well-regulated brokers.